Ether Breaks Out Over 3K For First Time In Weeks
1 min read
Ethereum’s native token ETH has broken above $3,000 for the first time in two weeks as the cryptocurrency market experienced consecutive green days. After ETH hit its all-time high of $4,878 in November 2021, a bearish trend took hold, and by January 2022, it was under $4,000.
The bearish trend that began in November continued into 2022, and it tested the $2,500 support level several times in March. However, the second half of March has been kind to ETH holders, and earlier today, 22nd March, ETH hit $3,030, according to data from CoinGecko.
As of writing, ETH is up 3.6% in 24 hours, 16% in a week, and over 20% in the last two weeks.
IntoTheBlock, a crypto data firm, Tweeted that ETH had seen the largest outflows from centralized exchanges since the start of 2022. When crypto is moved from an exchange, it’s usually sent to a wallet where it’s held for the medium-long term indicating the investor is bullish on the token.
IntoTheBlock added: “The last time such a magnitude of ETH left exchanges was in October 2021, which preceded a 15% price increase within ten days.”
submitted by /u/SwapzoneIO
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